Page 50 - RB GRENADA ANNUAL REPORT 2025_ONLINE

50 • Republic Bank (Grenada) Limited 2025 Annual Report • SUSTAINABILITY

Statement of Corporate Governance Practices

Introduction • appointing and removing Directors and members of
Republic Bank (Grenada) Limited, a subsidiary of Republic senior management;
Financial Holdings Limited, continues to support the Group’s • formulation of policy;
strategic objectives and plays a key role in the Group’s regional • input into, and final approval of management’s
operations and commitment to responsible banking. Its development of corporate strategy and performance
corporate governance framework is integral to maintaining objectives;
stakeholder trust and ensuring long-term sustainability. • reviewing and ratifying systems of risk management and
internal compliance and control, codes of conduct and
legal compliance;
Objectives • monitoring senior management’s performance,

Republic Bank (Grenada) Limited (the Company) is committed implementing strategy, and ensuring appropriate
to maintaining the highest standards of corporate governance resources are available;
so that short-term objectives are balanced carefully against • approving and monitoring the progress of major capital
the necessity of achieving long-term value. To this end, the expenditure, capital management and acquisitions and
Company continues to monitor and update its internal divestitures;
systems as necessary to ensure that our standards reflect best • approving and monitoring financial and other reporting;
international practices, while still being tailored to the specific and approving credit facilities in excess of a defined
needs of the Bank. amount.

The Board of Directors of the Company (the Board) continues The Board is currently made up of eight Non-Executive
to provide entrepreneurial leadership, enterprise, integrity, Directors and a Managing Director. The Board exercises
and good judgment in directing the Company to achieve independent judgment with management information
sustainable growth and enduring prosperity. The Board’s to enable proper and objective assessment of corporate
ultimate role is to act in the best interests of the Company, affairs. The Non-Executive Directors, reflect a diverse cross-
guided by a philosophy that is based on good governance, section of the professional business community and are all
transparency, accountability, and responsibility. The Group’s highly respected, independent individuals with a wealth of
Core Values of Customer Focus, Integrity, Respect for the experience in their respective fields.
Individual, Professionalism, and Results Orientation are set
by the Board to ensure that the Company’s obligations to The Managing Director and related company representatives
its shareholders, employees, customers, and the societies it on the Board ensure that, at Board meetings, Directors have
serves, are met. Integrity and trust are the cornerstones of the access to the best possible banking, management, and
business of banking and finance, and the Board manages and financial advice during their deliberations and this ensures
makes decisions that uphold these ideals at all times. that the Board has a clear perspective on all matters on which
decisions are required.
The Board also provides entrepreneurial leadership to the
Company within a framework of prudent and effective controls The Board of Directors meets formally in the first month of
that enable risk to be assessed and managed. This allows the each quarter and also in December, while a subcommittee of
Board to set the Company’s strategic objectives and ensure the Board meets in each of the seven months the Board does
that the necessary financial and human resources are in place not meet. The Managing Director has explicit authorities and
to make certain that those objectives are met, and that a review responsibilities that are documented and approved by the
of management’s performance is completed. The Company’s Board of Directors and are reviewed as and when necessary.
values and standards are developed to ensure that its
obligations to its shareholders and other stakeholders are met. The Company’s strategies, policies, agreed management
performance criteria and business plans are defined and
The Board is responsible for: measurable in a manner which is precise and tangible, both
• oversight of the Bank, including its control and to the Board and management. The Bank’s affairs are subject
accountability systems; to comprehensive assessment against accurate and relevant